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Advice on loan rates

yummymummy_2 · 2006-07-10 11:25:13

We have just been accepted for an A&L loan, however they have offered it to us for 12.9% APR instead of the "typical" rate they advertise (5.8 or something). Our credit history is very good and it seems annoying that you have to apply, and your credit rating has to be affected before you can even know what they are selling…

Comments

mrcow Posts: 15,170 Forumite

22 July 2006 at 1:30PM

You need to check with them whether it's a fixed rate loan. Also ask them of any early repayment penalties.

Get a quote from them confirming all the figures (so you can check them out) and check that they are not expecting you to take out PPI to get this rate.

Take care

"One day I realised that when you are lying in your grave, it's no good saying, "I was too shy, too frightened."
Because by then you've blown your chances. That's it."
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